Morning Agenda: More Questions for Wells Fargo

Its reputation is already tarnished by a fake accounts scandal. Now, Wells Fargo is facing questions for a second time in a month for its insurance practices.

The Federal Reserve Bank of San Francisco is examining the bank’s practices around a specialized insurance product called guaranteed auto protection insurance, known as GAP. The bank is accused of not refunding insurance money when consumers paid off their auto loans early, according to people briefed on the inquiry.

The insurance is intended to make up the difference between the value of a car and the value of the loan still owed if something happens to the vehicle before the debt is paid.

While not mandatory, auto dealers often push consumers to buy the product and lenders like the security it provides. When a loan is paid off early, borrowers are entitled to a refund of some of the premium.

“During an internal review, we discovered issues related to a lack of oversight and controls surrounding the administration of Guaranteed Asset Protection products,” said Jennifer A. Temple, a Wells Fargo spokeswoman. “We are reviewing our practices and actively working with our dealers and have already begun making improvements to the GAP refund process. If we find customer impacts, we will make customers whole.”

Wells Fargo, one of the largest banks in the United States, is struggling to rebuild its reputation after it disclosed last year that its employees, under pressure to meet aggressive sales goals, created millions of fake accounts in the names of real customers.

Trump Bump or Not

Financial markets are reaching new highs, and enthusiasm about the business environment appears to be strong: Does that have anything to do with President Trump?

The administration has been unable to pass any meaningful legislation on major campaign promises and its trade agenda has stalled, frustrating steelworkers and others in industries the president vowed to protect.

Mr. Trump’s supporters have pointed to the bevy of executive orders that he has signed and his efforts to roll back regulations.

America’s largest corporations, however, are not citing rollbacks as the reason for their improved results.

“The administration is, at a minimum, telling a one-sided story — it’s a bit disingenuous,” Charles Campbell, managing director at MKM Partners, said about Mr. Trump and his team’s taking credit for the rising stock market.

Mr. Campbell said it is “a little early” for companies to see any direct benefits from Mr. Trump’s deregulation efforts.

Related reading

• The company that manages the Trump brand has sought to protect the name in Macau, a part of China that has become the world’s largest gambling market. DTTM Operations, a New York company that holds Trump trademarks, applied in June for rights to the Trump name in casinos, construction, hotels and real estate, according to Macau government filings.

It follows a pattern identified by the two news organizations: The administration has stacked its teams focused on deregulation with political appointees, some of whom may be reviewing rules their former bosses sought to weaken or eliminate.

A Lannister Always Pays His Debts

HBO may need to take out a loan from the Iron Bank of Braavos, or at least hire some better guards.

The latest data dump appears to include scripts from five “Game of Thrones” episodes and emails from the account of Leslie Cohen, HBO’s vice president for film programming.

HBO said it was investigating and working with the police and security experts.

The hackers, using the name “Mr. Smith,” say they have more data, including scripts and upcoming episodes of HBO shows and movies.

Quotation of the Day

“I don’t understand why everyone isn’t as concerned as I am.”

— Emma Channing, general counsel at the Argon Group, which helps initial coin offerings (the virtual currencies sold by start-ups) raise funds. Programmers are making new offerings at a breakneck pace, despite little oversight and concerns that some may conflict with the regulator’s advice.